Wall Street is boosted by support for Bernanke

Share

US STOCKS snapped a three-day slide yesterday as signs that Federal Reserve Chairman Ben Bernanke would win a US Senate vote for a second term helped ease investors’ concerns.

After the closing bell, iPod maker Apple reported sharp gains in quarterly revenue and profit, sending its shares 1.9 per cent higher to $207 in after-hours trading. The company also said it moved to adopt new accounting standards for its iPhone.

“It looks like they are still picking up market share,” said Keith Springer, president of Capital Financial Advisory Services in Sacramento, California.

Chipmaker Texas Instruments posted its fourth-quarter results and outlook for the first quarter after the close. Its stock shed 1.2 percent to $23.40.

The Dow Jones industrial average gained 23.88 points, or 0.23 per cent, to 10,196.86. The Standard & Poor’s 500 Index gained 5.02 points, or 0.46 per cent, to 1,096.78. The Nasdaq Composite Index gained 5.51 points, or 0.25 per cent, to 2,210.80.